Is it possible to buy a car on a 0% APR credit card?

[Passions]

I've heard of people putting their student loans on a 0% APR credit card. I can pay off a car within 12 months, so no problem there. Is it possible???

 

[Thegonagle]

Most dealerships won't let you, or would only let you charge $500-$1000 of the purchase price.

It's because the transaction fees are a percentage of the sale, not a flat fee, and it would cut into the profit margin. (Places like Best Buy account for people using plastic when they set their prices, but car dealerships don't, because they negotiate each sale individually.) Since they're not allowed to charge you an extra fee for using the card (as per the merchant agreement with Visa/Mastercard/whomever), they just say tell you no.

 

[welst10]

You probably heard this idea from my posts. The way I did is I got a financing from the dealer (I think it's 4.49% APR for 48 mos). Then I transferred balance of that car loan to credit cards. I didn't directly use credit card to make the purchase.

 

[Passions]

Oh sweet...did you get charged a transfer fee from that?

 

[NutBucket]

Originally posted by: Passions
Oh sweet...did you get charged a transfer fee from that?

Depends on the card.....

 

[welst10]

Originally posted by: Passions
Oh sweet...did you get charged a transfer fee from that?

I transferred to 2 cards initially, one of them charged me $45, the other $0.

 

[SilthDraeth]

Thats a good idea. I will have to do that in the future, assuming I can get high enough credit through 2 credit cards with 0%
I have a 640 right now, at age 23, (not the best) but it is steadily climbing.

 

[RU482]

I bought a car on a credit card once. $4300. I also put $2500 down payment on a card once too.

My advice, if you are truly considering this....TAKE A CREDIT COUNSELING CLASS